"The bar was so low on Trump to the point people were expecting markets will go down 80% and global depression - and now this guy is the Wizard of Oz and so expectations are high," Jeff Gundlach tells Reuters. "There's no magic here."

Back to reality: Government programs take time to implement, rising mortgage rates aren't great for the "psyche" of the middle class, and HRC supporters are in no mood to spend money.

"There is going to be a buyer's remorse period," he says. Yields (TLT, TBT) have peaked and should move sideways from here, the dollar (UUP, UDN) is going to fall, and gold's (NYSEARCA:GLD) next move is higher.

DoubleLine Total Return Bond Fund (DBLTX, TOTL) is up 2.12% through the end of November, besting 63% of peers. On a three-year basis, it's up 3.46% annualized, topping 93% of peers.

The global bond rout picks up steam this morning, with the 10-year Treasury yield up another 5.3 basis points to 2.441%, the 10-year Bund up 4.8 bps to 0.324%, and 10-year yields in Italy, Spain, and the U.K. higher by similar amounts.

Rolling around the minds of fixed-income investors is incoming Treasury Secretary Steven Mnuchin's consideration of locking in still-historically-low interest rates through the issuance of 50- or 100-year government bonds. At the pace rates are climbing, he better hurry.

Trades that performed best in the three weeks since Donald Trump's election victory are taking a breather, with the dollar and U.S. bond yields falling from recent peaks and equity index futures signaling stocks will slip from all-time highs.

The dollar could face further resistance in the week ahead given potentially risk-laden events such as the midweek OPEC meeting and Italy's Dec. 4 referendum on constitutional reforms.

After a bit of consolidation over the past few sessions, Treasurys have resumed their bear run in a big way, with the 10-year Treasury yield up a full seven basis points to 2.38% - the highest level in more than a year.

Searching for excuses ... There's a sizable selloff in European government debt today as the ECB realizes its bond-purchase program has left the Continent without enough available government paper to function properly. There was also a fast durable goods read for the U.S. - but that's October data and we're practically in December.

Coming up in a few minutes are New Home Sales for October and this afternoon the FOMC minutes. Short-term rate futures have priced in a 100% chance of a rate hike in December.

Consistently bullish (and right) on fixed-income for as long as anyone can remember, Van Hoisington isn't buying the conventional wisdom that the election results mean the economy and inflation are set for a demand shock in the form of lower taxes, less regulation, and more deficit spending.

His view of the trajectory of the economy (sluggish) over the next four to six quarters is unchanged.

For tax cuts to make a positive contribution, monetary policy must "remain favorable, not adversarial," and the Fed is about to hike rates, he says. The Reagan tax cuts, he reminds, were far larger than what's being discussed, and occurred as interest rates were declining sharply.

Hoisington: "Markets have a pronounced tendency to rush to judgment when policy changes occur,” and were proven wrong about potential for 2009 stimulus and QE1 to ignite inflation.

The president-elect's pro-business agenda is inherently "unfriendly" to bonds, Jeff Gundlach tells Barron's, as it will lead to stronger economic growth and renewed inflation.

Look for Trump to "amp up the deficit" to pay for infrastructure and other programs - producing an inflation rate of 3% and nominal GDP growth of 4-6%. Given that, there's no way the 10-year Treasury yield stays near its current level of 2.15%, and it could rise as high as 6% in the next four or five years. [Serious question: How does "amp up the deficit" differ in any way from what was done in 2009? Can anyone say "shovel-ready"?]

For now, Gundlach (DFLEX, DBLFX, DBL) remains a fan of TIPS (NYSEARCA:TIP), and has swapped a good deal of his government paper for those inflation-protected securities.